星巴克 (SBUX) 2021 Q3 法說會逐字稿

Good afternoon. My name is Hector, and I will be your conference operator today. I would like to welcome everyone to Starbucks Coffee Company's Third Quarter Fiscal Year 2021 Conference Call. (Operator Instructions)

下午好。我叫 Hector，今天我將擔任你們的會議接線員。歡迎大家參加星巴克咖啡公司 2021 財年第三季度電話會議。 （操作員說明）

I will now turn the call over to Greg Smith, Vice President of Investor Relations. Mr. Smith, you may begin your conference.

我現在將把電話轉給投資者關係副總裁格雷格史密斯。史密斯先生，您可以開始您的會議了。

Good afternoon, everyone. Thank you for joining us today to discuss Starbucks' Third Quarter Fiscal Year 2021 results. Today's discussion will be led by Kevin Johnson, President and CEO; and Rachel Ruggeri, CFO. And for Q&A, we will be joined by John Culver, Group President, North America and Chief Operating Officer; Mike Conway, Group President, International and Channel Development; and Belinda Wong, Chairman and Chief Executive Officer, Starbucks China.

大家下午好。感謝您今天加入我們討論星巴克 2021 財年第三季度業績。今天的討論將由總裁兼首席執行官 Kevin Johnson 主持；和首席財務官 Rachel Ruggeri。對於問答環節，北美集團總裁兼首席運營官 John Culver 將加入我們的行列； Mike Conway，國際和渠道發展集團總裁；星巴克中國董事長兼首席執行官 Belinda Wong。

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update any of these forward-looking statements or information.

本次電話會議將包括前瞻性陳述，這些陳述受各種風險和不確定因素的影響，可能導致我們的實際結果與這些陳述存在重大差異。任何此類聲明都應與我們的收益發布中的警示聲明和我們提交給美國證券交易委員會的文件中的風險因素討論一起考慮，包括我們上一份 10-K 表格年度報告和 10-Q 表格季度報告。星巴克不承擔更新任何這些前瞻性陳述或信息的義務。

GAAP results in fiscal 2021 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items. These items are excluded from our non-GAAP results. For certain non-GAAP financial measures mentioned in today's call, please refer to our website at investor.starbucks.com to find a reconciliation of those non-GAAP measures to their corresponding GAAP measures.

2021 財年的 GAAP 業績包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。這些項目被排除在我們的非 GAAP 結果之外。對於今天電話會議中提到的某些非 GAAP 財務指標，請訪問我們的網站 investor.starbucks.com，以找到這些非 GAAP 指標與其相應的 GAAP 指標的對賬。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, August 27, 2021. For your calendar planning purposes, please note that our fourth quarter and fiscal year-end 2021 earnings conference call has been tentatively scheduled for Thursday, November 4.

本次電話會議正在進行網絡直播，網絡直播的存檔將在 2021 年 8 月 27 日星期五之前在我們的網站上提供。出於您的日曆計劃目的，請注意我們的第四季度和 2021 財年末的收益電話會議暫定於 11 月 4 日，星期四。

Finally, I want to take a moment on behalf of the company to recognize the contributions of Durga Doraisamy, a Starbucks Investor Relations partner of 7 years, including as the Head of IR for the past 2.5 years. Durga recently left Starbucks for an exciting opportunity overseas, and we extend our deepest thanks for all she has done on behalf of the company, our partners and our shareholders.

最後，我想代表公司感謝 Durga Doraisamy 所做的貢獻，他是星巴克投資者關係合作夥伴 7 年，包括過去 2.5 年擔任 IR 主管。杜爾加最近離開星巴克去海外尋找令人興奮的機會，我們對她代表公司、我們的合作夥伴和股東所做的一切表示最深切的感謝。

I'll now turn the call over to Kevin.

我現在將電話轉給凱文。

Well, thank you, Greg. I, too, want to wish Durga and her husband well as they begin a new adventure in London. Durga leaves the team and our investor community in great hands with you, Greg, and thank you for stepping in to lead Investor Relations while we search for a permanent replacement for this important role.

好吧，謝謝你，格雷格。我也希望杜爾加和她的丈夫在倫敦開始新的冒險時一切順利。 Durga 將團隊和我們的投資者社區交給你，Greg，感謝你在我們尋找永久替代這一重要角色的同時領導投資者關係。

Well, good afternoon, everyone, and thank you for joining us today. As we celebrate Starbucks' 50th anniversary, we are reminded of the increasing premium on genuine human connection, which has always been at the heart of Starbucks. If there is any lesson we can take from this past year, it is that our promise to uplift you every day through authentic human connection over coffee is enduring and has never been more valuable and sought after. As humans, we belong together, and Starbucks was built for this moment.

好吧，大家下午好，感謝您今天加入我們。在我們慶祝星巴克成立 50 週年之際，我們想起了對真正的人際關係的日益重視，這一直是星巴克的核心。如果我們可以從過去的一年中吸取任何教訓，那就是我們承諾通過真正的人際關係通過咖啡每天提升您的承諾是持久的，並且從未像現在這樣有價值和受追捧。作為人類，我們屬於同一個群體，星巴克就是為這一刻而建。

Now with customer mobility increasing, we are at the beginning of what we describe as the great human reconnection. The reopening of markets is translating to incredible increases in demand for Starbucks as people are again on the go, reconnecting and socializing with one another. Human connection is the very foundation of the Starbucks Experience. The differentiated experience we create for our customers, strengthened through the actions we've accelerated over the past year, enables us to meet our customers wherever they need us to be. That experience is core to who we are at Starbucks, and it drove significant momentum through Q3. That experience is also a direct reflection of the 400,000 Green Apron partners who continue to make every moment right. It is our partners who deliver the elevated and uplifting experiences for each of the millions of customers we serve every day.

現在，隨著客戶流動性的增加，我們正處於我們所說的偉大的人類重新聯繫的開端。市場的重新開放正在轉化為對星巴克需求的驚人增長，因為人們再次出門在外，彼此重新聯繫和社交。人際關係是星巴克體驗的基礎。我們為客戶創造的差異化體驗，通過我們在過去一年中加快的行動得到加強，使我們能夠在客戶需要我們的任何地方滿足他們的需求。這種體驗是星巴克的核心，它在第三季度推動了巨大的發展勢頭。那次經歷也直接反映了 400,000 名 Green Apron 合作夥伴繼續讓每一刻都變得正確。正是我們的合作夥伴為我們每天服務的數百萬客戶中的每一位提供了提升和振奮人心的體驗。

Our partners make the difference. They are the heartbeat of Starbucks. And for that, I am incredibly proud.

我們的合作夥伴與眾不同。他們是星巴克的心跳。為此，我感到無比自豪。

Now let me take you through Q3, which is highlighted by record-breaking results, fueled by the continued strength of the Starbucks brand around the world. The impressive momentum Starbucks saw in Q2 accelerated through Q3, in which we delivered record revenue of $7.5 billion, up 78% year-on-year and a record non-GAAP EPS of $1.01. Additionally, 2-year comparable store sales improved sequentially, led by an incredible overall performance in the U.S. as well as significant net new store growth in China, where we reached over 5,100 stores during the quarter and the double-digit growth and continued share gains that our channels business delivered in the at-home market.

現在讓我帶您回顧一下第三季度，在星巴克品牌在全球範圍內的持續實力的推動下，破紀錄的業績突顯了這一季度。星巴克在第二季度看到的令人印象深刻的勢頭在第三季度加速增長，我們實現了創紀錄的 75 億美元收入，同比增長 78%，非美國通用會計準則每股收益達到創紀錄的 1.01 美元。此外，由於美國令人難以置信的整體業績以及中國顯著的新店淨增長，2 年可比店面銷售額環比增長，我們在本季度達到了 5,100 多家店面，並實現了兩位數的增長和持續的份額增長我們的渠道業務在家庭市場交付。

Our performance globally reflects the strength of our diverse portfolio and the benefits of scale as we once again exceeded our expectations for the quarter, despite inflationary pressures and ongoing pandemic-related restrictions in certain global markets. Our focus, combined with our unwavering commitment to innovating and elevating the Starbucks Experience as our key differentiator, has proven successful time and time again. All of this gives us confidence to raise guidance for the balance of the year and further positions the company for solid long-term growth.

我們在全球的表現反映了我們多元化投資組合的實力和規模效益，因為我們再次超出了我們對本季度的預期，儘管某些全球市場存在通脹壓力和持續的與大流行相關的限制。我們的專注，加上我們對創新和提升星巴克體驗作為我們關鍵差異化因素的堅定承諾，一次又一次地證明是成功的。所有這些都讓我們有信心提高對今年餘下時間的指引，並進一步為公司穩健的長期增長奠定基礎。

In the U.S., our momentum accelerated in Q3, posting year-on-year revenue growth of 90% and 2-year revenue growth of 16%. Comparable same-store sales grew 83%. And importantly, 2-year comp grew 10%. This is at the high end of our long-term annual comp growth target of 4% to 5%. We posted these results even with mobility restrictions still impacting some U.S. geographies, with industry-wide pressure in pockets of the supply chain and with our in-store cafe seating not yet fully reopened.

在美國，我們的勢頭在第三季度加快，收入同比增長 90%，2 年收入增長 16%。可比同店銷售額增長了 83%。重要的是，2 年期收入增長了 10%。這是我們 4% 至 5% 的長期年度薪酬增長目標的高端。我們發布了這些結果，即使行動限制仍然影響美國的一些地區，供應鏈的各個部分都面臨全行業的壓力，而且我們的店內咖啡廳座位尚未完全重新開放。

Not only have we posted incredible results as we emerge from the pandemic, our internal research also confirms Starbucks has gained meaningful market share in the U.S. And the momentum we have created is sustainable. In fact, Starbucks competitive share is the highest this year than it has ever been in the away-from-home coffee and tea category. Simply put, our Green Apron partners are delivering an experience that customers are craving, and the growing opportunities serve our customers with the unmatched experience Starbucks offers gives us resounding confidence in the strength of the brand and the growth potential ahead.

隨著我們從大流行中走出來，我們不僅取得了令人難以置信的成果，我們的內部研究還證實星巴克在美國獲得了可觀的市場份額，而且我們創造的勢頭是可持續的。事實上，星巴克今年的競爭份額是外出咖啡和茶品類中最高的。簡而言之，我們的 Green Apron 合作夥伴正在提供客戶渴望的體驗，而星巴克提供的無與倫比的體驗為我們的客戶提供的機會越來越多，這讓我們對品牌的實力和未來的增長潛力充滿信心。

One powerful example of innovation that is fueling our momentum is our beverage portfolio, which, when coupled with our unparalleled ability for customizing handcrafted beverages, separates Starbucks from the competition. The investments we have made over the past few years, innovating and expanding our coffee forward cold beverage platform, continue to boost sales and draw new customers to Starbucks.

我們的飲料產品組合是推動我們發展勢頭的一個強有力的創新例子，再加上我們無與倫比的定製手工飲料的能力，星巴克在競爭中脫穎而出。我們在過去幾年中進行的投資，創新和擴展我們的咖啡前沿冷飲平台，繼續促進銷售並吸引新客戶到星巴克。

We continue to see strong demand for Starbucks Cold Brew, Nitro Cold Brew and Starbucks Refresher beverages, while Iced Shaken Espresso alone contributed more than 1/3 of the Iced Espresso growth in the quarter. The cold category represented 74% of beverage sales in Q3, growing 10 percentage points over the past 2 years. With the wide range of beverage options, both cold and hot, our customers love personalizing their drinks.

我們繼續看到對 Starbucks Cold Brew、Nitro Cold Brew 和 Starbucks Refresher 飲料的強勁需求，而僅 Iced Shaken Espresso 就貢獻了本季度超過 1/3 的 Iced Espresso 增長。冷飲佔第三季度飲料銷售額的 74%，比過去兩年增長了 10 個百分點。憑藉廣泛的冷熱飲品選擇，我們的客戶喜歡個性化他們的飲品。

Over the last 2 years, we've seen a meaningful increase in customizations, such as adding cold foam or a shot of espresso. Additionally, alternative dairy offerings represent nearly 25% of milk-related beverage sales, up from prior year. These innovative offerings in cold and alternative dairy are particularly attractive to millennial and Gen Z customers and are aligned with our focus on the well-being of people and the planet. With premium customization of beverages, coupled with operational improvements, the growth of both hot and cold beverages in stores is enabling margin expansion despite some continued inflationary pressures, which Rachel will discuss in more detail.

在過去的 2 年裡，我們看到了有意義的定制增加，例如添加冷泡沫或一杯濃縮咖啡。此外，替代乳製品佔牛奶相關飲料銷售額的近 25%，高於上一年。這些創新的冷乳和替代乳製品對千禧一代和 Z 世代的客戶特別有吸引力，並且符合我們對人類和地球福祉的關注。儘管存在一些持續的通貨膨脹壓力，但隨著飲料的高級定制以及運營改進，商店中熱飲和冷飲的增長正在促進利潤率的增長，Rachel 將對此進行更詳細的討論。

In addition to beverage platform innovation, extending the in-store experience with digital customer relationships continues to extend our reach, deepen engagement and enhance the customer experience, further differentiating Starbucks and offering customers ever-increasing choice as to how they engage with the brand. We again added over 1 million new active Starbucks Rewards members in the quarter. With over 24 million active members now representing 51% of all spend in our U.S. stores and up 8 percentage points over pre-pandemic levels, our ability to engage has never been higher. More and more of these customers are embracing experiences that effortlessly fit their lifestyle. With drive-thru representing 47% of transactions and mobile ordering for in-store pickup, delivery or curbside at 26% of transactions, we are leveraging all channels to better serve our customers.

除了飲料平台創新之外，通過數字客戶關係擴展店內體驗繼續擴大我們的影響範圍，加深參與並增強客戶體驗，進一步使星巴克脫穎而出，並為客戶提供更多與品牌互動的選擇。我們在本季度再次增加了超過 100 萬新的活躍星巴克獎勵會員。現在有超過 2400 萬活躍會員，占我們美國商店所有支出的 51%，比大流行前水平高出 8 個百分點，我們的參與能力從未如此高。越來越多的這些客戶正在接受毫不費力地適合他們生活方式的體驗。得來速交易占交易的 47%，店內取貨、送貨或路邊移動訂購佔交易的 26%，我們正在利用所有渠道更好地為客戶服務。

While it is very clear that our Rewards program has accelerated our recovery in a meaningful way, where Q3 really stands out and what adds to our confidence is the acceleration we saw in our non-Rewards customers. While Rewards spend grew at a rapid mid-teens rate quarter-over-quarter, for the first time in 11 quarters, non-Rewards spend growth outpaced SR spend. This is further evidence of the great human reconnection. The rapid reengagement of non-Rewards customers not only propelled our record results, but also underscores the strength of the brand and the growth potential ahead. And finally, we continue to make meaningful progress to reposition our U.S. store portfolio through Trade Area Transformation, which is now nearly 80% complete.

很明顯，我們的獎勵計劃以有意義的方式加速了我們的複蘇，第三季度真正脫穎而出，增加我們信心的是我們在非獎勵客戶中看到的加速。雖然獎勵支出環比以十幾歲左右的速度快速增長，但非獎勵支出增長在 11 個季度以來首次超過 SR 支出。這是偉大的人類重新聯繫的進一步證據。非獎勵客戶的快速重新參與不僅推動了我們創紀錄的業績，而且突顯了品牌的實力和未來的增長潛力。最後，我們繼續取得有意義的進展，通過貿易區轉型重新定位我們的美國門店組合，目前已完成近 80%。

In the past 12 months, we have opened 554 new stores combined with in-store seating and drive-thru service. This portfolio repositioning and new store formats have increased drive-thru store performance to 75% of our total U.S. sales, a number that continues to rise as we increase efficiency. The improvements and additions we are making to our portfolio today will provide benefits for years to come.

在過去的 12 個月裡，我們開設了 554 家新店，並提供店內座位和得來速服務。這種投資組合的重新定位和新的商店模式將得來速商店的業績提高到我們美國總銷售額的 75%，隨著我們提高效率，這個數字還在繼續上升。我們今天對我們的產品組合所做的改進和補充將為未來幾年帶來好處。

With our focus on the customer experience, new beverage innovation and digital customer relationships, we continue to increase share of customer occasions while also contributing to a rapidly growing market for all things coffee.

我們專注於客戶體驗、新飲料創新和數字客戶關係，我們繼續增加客戶場合的份額，同時也為快速增長的萬物咖啡市場做出貢獻。

Moving on to China, where we posted a very positive result with year-on-year revenue growth of 45%. Remarkably, total revenue in China has grown 23% in just 2 years as we continue to play the long game. And we are on track to open more than 600 net new stores this fiscal year. In Q3 alone, we opened 162 net new stores that continue to deliver best-in-class new store profitability and returns. We ended the quarter with 5,135 stores, and we are well on track to operate over 6,000 stores by the end of fiscal year '22. In addition, we posted 19% same-store comp growth in Q3 and saw sequential acceleration of our 2-year comp when excluding the impact of value-added tax. Furthermore, we gained strong momentum with sequential improvement on every key metric on a 2-year basis, including total revenue growth, store traffic recovery and margin expansion. The health of our business in China is strong, and we've never been more confident in the long-term growth opportunity.

轉到中國，我們在那裡公佈了非常積極的結果，收入同比增長 45%。值得注意的是，隨著我們繼續打持久戰，中國的總收入在短短 2 年內增長了 23%。我們有望在本財年淨開設 600 多家新店。僅在第三季度，我們就開設了 162 家淨新店，繼續提供一流的新店盈利能力和回報。我們在本季度結束時擁有 5,135 家商店，並且我們有望在 22 財年結束時經營超過 6,000 家商店。此外，我們在第三季度公佈了 19% 的同店收入增長，並且在排除增值稅影響的情況下，我們的 2 年收入環比加速增長。此外，我們獲得了強勁勢頭，每項關鍵指標在 2 年的基礎上都有連續改善，包括總收入增長、商店客流量恢復和利潤率擴張。我們在中國的業務非常健康，我們對長期增長機會充滿信心。

In addition to significant new store growth and sequential acceleration of 2-year comps in China, we are expanding digital customer relationships and engagement by creating new occasions and experiences that make mobile ordering even more convenient and personalized. This has resonated strongly with our customers in China, propelling mobile ordering to 34% of sales, significantly higher than the 23% in the prior year and more than double pre-COVID levels.

除了在中國顯著的新店增長和 2 年期優惠的連續加速外，我們還通過創造新的場合和體驗來擴大數字客戶關係和參與度，使移動訂購更加方便和個性化。這引起了我們在中國的客戶的強烈共鳴，推動移動訂購佔銷售額的 34%，顯著高於上一年的 23%，是 COVID 前水平的兩倍多。

Starbucks Rewards continues to aggressively expand our digital ecosystem across major platforms, driving 90-day active members to an all-time high of 17 million, a 4% increase over previous quarter and a 71% increase versus prior year. Gold members, a very important cohort, are engaging Starbucks at pre-pandemic levels.

星巴克獎勵計劃繼續在主要平台上積極擴展我們的數字生態系統，推動 90 天活躍會員達到 1700 萬的歷史新高，比上一季度增長 4%，比去年同期增長 71%。金卡會員是一個非常重要的群體，他們在大流行前的水平上與星巴克互動。

Our performance in China is a testimony to the unparalleled strength of the Starbucks brand and our enduring relationship with our Chinese customers. Our rapidly growing store footprint, market-leading digital ecosystem and customer engagement, robust innovation pipeline and the enduring love and loyalty for the Starbucks brand in China are all unmatched. I have full confidence in the strength of the Starbucks brand in China and across all our international markets. There should be no misunderstanding of how big and robust our business in China is and will be. These are still early days, and our strategies are clearly working. Starbucks is uniquely positioned for success in China well into the future.

我們在中國的表現證明了星巴克品牌無與倫比的實力以及我們與中國客戶的持久關係。我們快速增長的門店足跡、市場領先的數字生態系統和客戶參與度、強大的創新渠道以及對星巴克品牌在中國持久的熱愛和忠誠度都是無與倫比的。我對星巴克品牌在中國乃至所有國際市場的實力充滿信心。不應誤解我們在中國的業務規模和穩健程度。現在還處於早期階段，我們的策略顯然正在奏效。星巴克在未來在中國取得成功具有獨特的優勢。

With phenomenal strength and growing momentum in our retail business, let me now move on to our Channel Development segment that also continues to exceed expectations. Over the past 3 years, we have made significant progress expanding our reach and amplifying the Starbucks brand through CPG, single-serve coffee, ready-to-drink and foodservice. I attribute our success to the power of the Starbucks brand, the bold innovation that attracts new coffee lovers into our categories and the caliber of our strategic business partners globally.

憑藉我們零售業務的非凡實力和不斷增長的勢頭，現在讓我繼續談談我們的渠道開發部門，該部門也繼續超出預期。在過去的 3 年裡，我們在通過 CPG、單杯咖啡、即飲飲品和餐飲服務擴大我們的影響力和擴大星巴克品牌方面取得了重大進展。我將我們的成功歸功於星巴克品牌的力量、吸引新咖啡愛好者加入我們品類的大膽創新以及我們全球戰略業務合作夥伴的能力。

In Q3, Starbucks retained our #1 brand position in total U.S. at-home coffee and further expanded our leadership position versus other brands. The Starbucks brand continued to increase share in the total U.S. category, impressively adding 1 percentage point over the prior year despite lapping a strong comp. The Global Coffee Alliance with Nestlé is a powerhouse, and we continue to see strong performance across all aspects of the key strategic relationship.

在第三季度，星巴克保持了我們在美國家庭咖啡總量中排名第一的品牌地位，並進一步擴大了我們相對於其他品牌的領導地位。星巴克品牌在美國總品類中的份額繼續增加，儘管競爭激烈，但比上一年增加了 1 個百分點。與雀巢的全球咖啡聯盟是一個強大的力量，我們繼續看到關鍵戰略關係各個方面的強勁表現。

Earlier this year, building on the success of the Starbucks by Nespresso platform, we expanded and introduced Starbucks by Nespresso on the virtual line, which is already exceeding 6-month distribution and velocity targets. In addition, the combination of strong CPG performance combined with a steady recovery in foodservice gives us added confidence. In ready-to-drink, Starbucks is the #1 premium brand globally, with our North America coffee partnership with PepsiCo growing 19% in consumption and our international ready-to-drink business growing double digits in EMEA and China, Asia Pacific. These channels amplify our brand in more than 80 markets around the world, offering millions of customers at-home and at-work options that complement their Starbucks in-store experience. And just yesterday, we announced plans to reach new markets and grow our Starbucks ready-to-drink portfolio with Nestlé, who will now serve markets across Southeast Asia and Latin America. Our channel development strategy to amplify the brand, while growing share of at-home occasions, continues to attract new customers to Starbucks with unparalleled choice while driving best-in-class returns.

今年早些時候，基於 Nespresso 星巴克平台的成功，我們在虛擬線上擴展並引入了 Starbucks by Nespresso，這已經超過了 6 個月的分銷和速度目標。此外，CPG 的強勁表現與餐飲服務的穩步復甦相結合，讓我們更有信心。在即飲飲品方面，星巴克是全球排名第一的優質品牌，我們與百事可樂在北美的咖啡合作夥伴關係的消費量增長了 19%，我們的國際即飲飲品業務在歐洲、中東和非洲以及中國和亞太地區實現了兩位數的增長。這些渠道在全球 80 多個市場擴大了我們的品牌，為數百萬顧客提供了在家中和工作場所的選擇，以補充他們的星巴克店內體驗。就在昨天，我們宣布了進軍新市場的計劃，並與雀巢一起擴大我們的星巴克即飲飲品組合，雀巢現在將服務於東南亞和拉丁美洲市場。我們的渠道發展戰略旨在擴大品牌影響力，同時增加家庭場合的份額，繼續以無與倫比的選擇吸引新客戶到星巴克，同時推動一流的回報。

The key takeaway from today's call is this. We look to the future with as much conviction as ever in our strategy as this quarter represents the beginning of a multiyear tailwind for Starbucks that is powered by 3 factors. First, the total coffee addressable market is large and growing rapidly. The market is expected to grow to well over $400 billion in size globally over the next 3 years. That represents a compound annual growth rate of 8% to 9% as the market rapidly recovers from the global pandemic. Second, within this large and growing market, consumer preferences continue to shift from mainstream robusta coffee to premium arabica coffee, where Starbucks is the leader. Third, and perhaps most important, Starbucks is rapidly adapted to new consumer behaviors and strengthened key points of differentiation. Our focus on the customer experience, relevant new beverage platforms and expanded digital customer relationships are translating to increased consumer preference and deeper customer engagement. The combination of a highly differentiated brand experience, a continued consumer shift to premium arabica coffee and a large and growing addressable market is a powerful trifecta that provides our business with a multiyear tailwind. These factors, reinforced by the results of this past quarter, give us confidence that this is just the beginning of what is about to unfold.

今天電話會議的主要收穫是這樣的。我們以一如既往的堅定信念展望未來，因為本季度代表了星巴克多年順風的開始，該順風由 3 個因素提供支持。首先，整個咖啡潛在市場規模龐大且增長迅速。未來 3 年，全球市場規模預計將增長到 4000 億美元以上。隨著市場從全球大流行中迅速復蘇，這意味著複合年增長率為 8% 至 9%。其次，在這個龐大且不斷增長的市場中，消費者的偏好繼續從主流羅布斯塔咖啡轉向優質阿拉比卡咖啡，星巴克是其中的佼佼者。第三，也許是最重要的一點，星巴克正在迅速適應新的消費者行為，並強化了差異化的關鍵點。我們對客戶體驗、相關的新飲料平台和擴展的數字客戶關係的關注正在轉化為增加的消費者偏好和更深入的客戶參與。高度差異化的品牌體驗、消費者對優質阿拉比卡咖啡的持續轉變以及龐大且不斷增長的潛在市場的結合是一個強大的三重奏，為我們的業務提供了多年的順風。上個季度的結果強化了這些因素，使我們相信這只是即將展開的事情的開始。

And with that, I will turn the call over to Rachel, who will walk you through details of our Q3 results. Rachel?

有了這個，我會把電話轉給雷切爾，她會帶你了解我們第三季度結果的細節。雷切爾？

Thank you, Kevin, and good afternoon, everyone. I'm thrilled to share with you the results of this milestone quarter, delivering record revenue and record non-GAAP EPS only 4 quarters after the depth of the pandemic. Over the past year, we have proven our ability to differentiate ourselves to the unique and personalized experiences we create for Starbucks customers, whether in our stores, through our app or down the grocery aisle, leading to this quarter's impressive results.

謝謝你，凱文，大家下午好。我很高興與大家分享這個具有里程碑意義的季度的結果，在大流行病最嚴重後僅 4 個季度就實現了創紀錄的收入和創紀錄的非 GAAP 每股收益。在過去的一年裡，我們已經證明了我們有能力通過我們為星巴克客戶創造的獨特和個性化體驗脫穎而出，無論是在我們的商店、通過我們的應用程序還是在雜貨店過道，這導致了本季度令人印象深刻的業績。

Starbucks global revenue reached $7.5 billion in Q3, up 78% from the prior year, far surpassing the pre-pandemic quarterly record set in Q1 fiscal '20 driven largely by the incredible performance in the U.S., our largest market. Q3 non-GAAP EPS was $1.01, up from the loss of $0.46 in the prior year driven by faster-than-expected margin recovery in the Americas due to sales leverage from lapping prior year COVID-19 impacts and the benefit from continued strength in average ticket.

星巴克第三季度全球收入達到 75 億美元，比上年增長 78%，遠超 20 財年第一季度創下的大流行前季度記錄，這主要得益於我們最大的市場美國令人難以置信的表現。第三季度非 GAAP 每股收益為 1.01 美元，高於上一年的虧損 0.46 美元，原因是美洲利潤率恢復快於預期，這是由於上一年 COVID-19 影響的銷售槓桿以及平均持續強勁的好處票。

Our Q3 EPS includes $0.09 of benefit related to discrete tax items, most of which was originally anticipated in Q4 as referenced on our previous earnings call. The investments we have made in our business have made Starbucks stronger, more resilient and positioned for long-term growth. This powerful momentum gives us the confidence to meaningfully raise our EPS outlook for the full year, as I'll explain later.

我們第三季度的每股收益包括 0.09 美元的與離散稅項相關的收益，其中大部分最初預計在第四季度出現，我們之前的財報電話會議提到過。我們對業務的投資使星巴克變得更強大、更有彈性，並為長期增長做好了準備。這種強大的勢頭讓我們有信心大幅提高全年每股收益預期，我將在稍後解釋。

I will now take you through our Q3 fiscal '21 operating performance by segment, followed by an analysis of our consolidated margin performance. Our Americas segment, which fueled our record quarter, delivered revenue of $5.4 billion in Q3, 92% higher than the prior year primarily driven by an 84% increase in comparable store sales, including 82% comp transaction growth. As Kevin mentioned, U.S. comparable store sales growth reached 83% in Q3, driven by a material improvement in transaction comp of 80%. Average store transactions continued to grow and ended the quarter at nearly 90% of pre-pandemic levels, presenting further opportunity to return to and grow beyond FY '19 levels.

我現在將帶您按部門查看我們 21 財年第三季度的運營業績，然後分析我們的綜合利潤率表現。我們的美洲分部推動了我們創紀錄的季度，第三季度實現了 54 億美元的收入，比去年同期增長 92%，這主要是由於可比商店銷售額增長了 84%，包括 82% 的交易增長。正如 Kevin 提到的那樣，美國第三季度可比店面銷售額增長達到 83%，這主要得益於 80% 的交易成本的實質性改善。平均商店交易量繼續增長，並在本季度結束時達到大流行前水平的近 90%，這為回歸併超越 19 財年水平提供了進一步的機會。

As transactions have grown we've maintained the strength in average ticket, up 1% over the prior year, remaining significantly elevated as many key post-pandemic consumer trends have continued. Growth of cold beverages and customization, coupled with sustained strong beverage attach and record food attach in Q3, all contributed to the strong ticket and give us confidence in our ability to maintain a meaningful portion of the ticket gains over the coming quarters.

隨著交易量的增長，我們保持了平均票價的強勢，比上一年增長了 1%，隨著許多關鍵的大流行後消費趨勢的持續，保持顯著高位。冷飲和定制的增長，加上第三季度持續強勁的飲料附加費和創紀錄的食品附加費，所有這些都促成了強勁的門票，並讓我們相信我們有能力在未來幾個季度保持相當大的門票收益。

Americas Q3 non-GAAP operating margin expanded to 24.7%, up more than 200 basis points from Q3 of fiscal 2019, largely driven by sales leverage on our product and distribution costs, including waste favorability, the benefits of SKU rationalization over the prior 2 years and favorable sales mix shift. Pricing and the benefits of trade area transformation also helped to offset the sizable investments in wages and benefits as well as higher supply chain costs due to inflationary pressures.

美洲第三季度非 GAAP 營業利潤率擴大至 24.7%，比 2019 財年第三季度高出 200 多個基點，這主要是由於我們產品和分銷成本的銷售槓桿，包括廢棄物優惠，前 2 年 SKU 合理化的好處和有利的銷售組合轉變。貿易區轉型的定價和收益也有助於抵消對工資和福利的大量投資以及由於通脹壓力導致的更高供應鏈成本。

While we're thrilled with our margin performance in Q3, we expect it to moderate slightly in Q4, primarily due to the growing impact of inflation, coupled with incremental investments critical to our continued growth, which I'll discuss in a moment.

雖然我們對第三季度的利潤率表現感到興奮，但我們預計它在第四季度會略有放緩，這主要是由於通貨膨脹的影響越來越大，加上對我們的持續增長至關重要的增量投資，我稍後會討論這一點。

Moving on to international. The International segment delivered revenue of $1.7 billion in Q3. Excluding a 10% favorable impact of foreign currency translation, the segment's revenue grew 65% over the prior year, reflecting a 41% increase in comparable store sales, inclusive of a 5% adverse impact from lapping the prior year VAT benefit. Strong sales growth from our international licensees as well as 8% net new store growth over the prior -- over the past 12 months also contributed to this growth.

走向國際化。國際部門在第三季度實現了 17 億美元的收入。排除外幣換算帶來的 10% 有利影響，該部門的收入比上一年增長 65%，反映出可比店面銷售額增長 41%，其中包括上一年增值稅收益疊加帶來的 5% 不利影響。來自我們國際被許可人的強勁銷售增長以及比之前 8% 的新店淨增長——在過去 12 個月中也促成了這一增長。

Kevin spoke to our performance in China. In addition, the International segment performance was adversely impacted by virus resurgences in Japan with a state of emergency severely limiting consumer traffic during most of the quarter. It's important to remember that the vast majority of international markets in which we operate are behind the U.S. in terms of both vaccination and mobility so revenue recovery is predictably lagging in those markets. Still, our partners in every market remain focused on what they can control and what they do best, the moments of connection they are providing our customers during these challenging times will support growth as vaccination rates improve.

凱文談到了我們在中國的表現。此外，國際部門的業績受到日本病毒捲土重來的不利影響，日本進入緊急狀態，在本季度的大部分時間裡嚴重限制了消費者的流量。重要的是要記住，我們開展業務的絕大多數國際市場在疫苗接種和流動性方面都落後於美國，因此這些市場的收入恢復預計會滯後。儘管如此，我們在每個市場的合作夥伴仍然專注於他們可以控制的事情和他們最擅長的事情，他們在這些充滿挑戰的時期為我們的客戶提供的聯繫時刻將隨著疫苗接種率的提高而支持增長。

International's non-GAAP operating margin rose to 22.5% from minus 2.7% in the prior year, mainly driven by sales leverage from lapping the impacts of COVID-19 as well as store labor efficiencies across our company-operated markets in larger government subsidies. On a 2-year basis, these temporary subsidies provided an approximately 200 basis point benefit in the quarter, boosting the segment's non-GAAP operating margin close to its pre-pandemic level of 22.7% in Q3 fiscal '19.

國際的非美國通用會計準則營業利潤率從上一年的負 2.7% 上升至 22.5%，這主要是受 COVID-19 影響的銷售槓桿以及我們公司運營的市場在更大的政府補貼下的商店勞動力效率的推動。在 2 年的基礎上，這些臨時補貼在本季度提供了大約 200 個基點的收益，使該部門的非 GAAP 營業利潤率在 19 財年第三季度接近大流行前的 22.7% 水平。

On to Channel Development. Revenue was $414 million in Q3, a decline of 7% from the prior year, primarily driven by Global Coffee Alliance transition-related activities, including a structural change in our single-serve business. When excluding the approximately 20% adverse impact of these transition-related activities, Channel Development's revenue increased by 13% in Q3, mainly driven by growth in the Global Coffee Alliance product sales and our ready-to-drink business.

關於渠道開發。第三季度的收入為 4.14 億美元，比上年下降 7%，這主要是受全球咖啡聯盟轉型相關活動的推動，包括我們單一服務業務的結構變化。排除這些轉型相關活動約 20% 的不利影響後，渠道開發的收入在第三季度增長了 13%，這主要是受全球咖啡聯盟產品銷售和我們的即飲業務增長的推動。

The segment's non-GAAP operating margin expanded to 46.7% in Q3 from 35.6% in the prior year. Normalizing for the 700 basis point impact of Global Coffee Alliance transition-related activities I just mentioned, Channel Development's operating margin expanded 410 basis points in Q3, driven primarily by the strength of our ready-to-drink business. We expect the impacts from the transition to be substantially completed by the end of fiscal '21.

該部門的非美國通用會計準則營業利潤率從去年同期的 35.6% 擴大至第三季度的 46.7%。將我剛才提到的全球咖啡聯盟轉型相關活動的 700 個基點影響正常化，渠道開發的營業利潤率在第三季度擴大了 410 個基點，這主要是由於我們的即飲業務的實力。我們預計過渡帶來的影響將在 21 財年末基本完成。

Finally, at the consolidated level, our non-GAAP operating margin was 20.5% in Q3, up from minus 12.6% in the prior year. The year-over-year increase in our operating margin for Q3 was primarily driven by sales leverage across the P&L as we lap COVID-19 impacts and related costs as well as pricing in the Americas. These were partially offset by additional investments in retail store partner wages and benefits, which remain a strategic priority for us to support our world-class partners.

最後，在綜合層面上，我們第三季度的非美國通用會計準則營業利潤率為 20.5%，高於去年的負 12.6%。我們第三季度的營業利潤率同比增長主要是由整個損益表的銷售槓桿推動的，因為我們在美洲對 COVID-19 的影響和相關成本以及定價進行了評估。這些部分被零售店合作夥伴工資和福利的額外投資所抵消，這仍然是我們支持世界級合作夥伴的戰略重點。

Given the strength of our performance in Q3 and the optimism we have for the fourth quarter, we're pleased to update our guidance across a number of key areas. We expect the momentum we have seen in the U.S., underpinned by the ongoing great human reconnection to continue, and as a result, we expect both Americas and U.S. comparable store sales growth in Q4 in the range of 22% to 25%. This corresponds to a 2-year comp range for Q4 of 11% to 13%, reflecting further sequential improvement from an already strong level of 9% in the Americas in Q3. As a reminder, the 2-year comps we are monitoring are calculated on a multiplicative basis instead of an additive basis as described in today's earnings release.

鑑於我們在第三季度的強勁表現以及我們對第四季度的樂觀態度，我們很高興更新我們在多個關鍵領域的指導。我們預計我們在美國看到的勢頭，在持續的偉大人類重新聯繫的支持下將繼續下去，因此，我們預計第四季度美洲和美國可比商店銷售額增長在 22% 至 25% 之間。這對應於第 4 季度 11% 至 13% 的 2 年期可比範圍，反映了美洲第 3 季度本已強勁的 9% 水平的進一步連續改善。提醒一下，我們正在監控的 2 年期比較是在乘法基礎上計算的，而不是在今天的收益發布中描述的加法基礎上計算的。

For the International segment where sporadic virus resurgences continue to impair consumer mobility in some markets, we now expect comparable store sales to grow mid- to high single digits in Q4. For China, we expect comparable store sales to be roughly flat in Q4. Similar to the Americas, these ranges for both international and China translate to a meaningful sequential improvement in 2-year comp from Q3 to Q4 despite the challenging market dynamics expected to linger in Q4.

對於零星的病毒捲土重來繼續影響某些市場消費者流動性的國際市場，我們現在預計第四季度可比店面銷售額將以中高個位數增長。對於中國，我們預計第四季度可比店面銷售額將大致持平。與美洲類似，國際和中國的這些範圍轉化為從第三季度到第四季度的 2 年期收入連續改善，儘管市場動態充滿挑戰預計將在第四季度持續存在。

Based on the outlook for the segment, we now expect Q4 consolidated comp growth in the range of 18% to 21%. On a 2-year basis, this equates to a range of 7% to 10%, a considerable sequential increase from the Q3 2-year comp of 4%.

根據該細分市場的前景，我們現在預計第四季度綜合收入增長率在 18% 至 21% 之間。在 2 年的基礎上，這相當於 7% 到 10% 的範圍，與第三季度 4% 的 2 年期相比有相當大的環比增長。

Moving on to retail store development. Although we expect approximately 1,100 net new stores globally in fiscal '21, we now anticipate a slight shift between our segments. For the Americas, we now expect the total store count in fiscal '21 to remain roughly flat to prior year as the new store openings are virtually offset by higher-than-normal closures, reflecting the continued progress of our accelerated Trade Area Transformation initiative. For international, net new stores for fiscal '21 are expected to increase to approximately 1,100 from 1,050 in the original guidance.

繼續零售店的發展。儘管我們預計 21 財年全球將有大約 1,100 家淨新店，但我們現在預計我們的細分市場之間會略有轉變。對於美洲，我們現在預計 21 財年的門店總數將與上一年大致持平，因為新開的門店數量實際上被高於正常水平的關閉數量所抵消，這反映了我們加速貿易區轉型計劃的持續進展。對於國際市場，21 財年的淨新店預計將從最初指導中的 1,050 家增加到約 1,100 家。

With the updated comp sales and the store growth outlook, we are also tightening our guidance for full year fiscal '21 consolidated revenue to a new range of $29.1 billion to $29.3 billion from $28.5 billion to $29.3 billion. This includes channel development revenue, which is now expected in the range of $1.5 billion to $1.6 billion for full year fiscal '21 compared to the previous guidance of $1.4 billion to $1.6 billion, reflecting the segment's strong performance to date. As a reminder, our fiscal '21 consolidated revenue guidance range is inclusive of approximately $0.5 billion for the 53rd week.

隨著更新後的銷售額和商店增長前景，我們還將對 21 財年全年綜合收入的指導收緊到 291 億美元至 293 億美元的新範圍，從 285 億美元至 293 億美元。這包括渠道開發收入，目前預計 21 財年全年收入在 15 億美元至 16 億美元之間，而之前的指導為 14 億美元至 16 億美元，反映了該部門迄今為止的強勁表現。提醒一下，我們的 21 財年綜合收入指導範圍包括第 53 週的約 5 億美元。

Additionally, given the faster-than-expected margin recovery to date, we are raising our consolidated GAAP operating margin outlook for the full year to approximately 17%, up from the previous range of 15% to 16%. Our consolidated non-GAAP operating margin is now expected to reach approximately 18% in fiscal '21, up from the previous guidance of 16.5% to 17.5%, reflecting the momentum we saw in Q3 and expect in Q4.

此外，鑑於迄今為止利潤率的恢復速度快於預期，我們將全年的綜合 GAAP 營業利潤率展望從之前的 15% 至 16% 上調至約 17%。我們的綜合非 GAAP 營業利潤率現在預計在 21 財年達到約 18%，高於之前的 16.5% 至 17.5% 的指導，反映了我們在第三季度和第四季度看到的勢頭。

Our operating margin has tempered a bit by 2 factors that we see growing in relevance in Q4 and into fiscal '22. The first is our latest view on rising global inflation requiring continued incremental investments to support our growth. The second is our strong commitment to increasing wages of our store partners, making deliberate investments towards an hourly wage for $15 in the U.S., in line with the announcement we made in November of last year. As Kevin mentioned, our Green Apron partners are fundamental to the Starbucks Experience and are critical to our long-term success. These important wage increases, coupled with continued investment in digital initiatives and operational efficiencies, will further solidify the foundation for our next stage of growth.

我們的營業利潤率因兩個因素而有所緩和，我們認為這兩個因素在第四季度和 22 財年的相關性越來越大。首先是我們對全球通脹上升需要持續增加投資以支持我們的增長的最新看法。第二個是我們堅定地致力於增加商店合作夥伴的工資，根據我們在去年 11 月發布的公告，有意識地投資於美國每小時 15 美元的工資。正如凱文所說，我們的 Green Apron 合作夥伴是星巴克體驗的基礎，對我們的長期成功至關重要。這些重要的工資增長，加上對數字計劃和運營效率的持續投資，將進一步鞏固我們下一階段增長的基礎。

Given the accelerated timing of certain discrete tax benefits in Q3, I noted earlier, which were originally anticipated in Q4, we now forecast our Q4 non-GAAP effective tax rate to increase to the low 20% from our previous outlook of high teens. For fiscal '21, our GAAP and non-GAAP effective tax rates are expected in the low 20% range, revised from the previous guidance of low to mid-20%.

鑑於第 3 季度某些離散稅收優惠的加速時間，我之前指出，這最初預計在第 4 季度，我們現在預測第 4 季度非 GAAP 有效稅率將從我們之前的高青少年預期增加到 20% 的低位。對於 21 財年，我們的 GAAP 和非 GAAP 有效稅率預計在 20% 的低範圍內，從之前的低至 20% 中等指導修正。

Summing this all up, driven by the tremendous momentum we've seen as customers return to our stores propelling our record results in Q3, we are raising our full year fiscal '21 EPS guidance. Our new fiscal '21 GAAP EPS guidance range is $2.97 to $3.02, up from $2.65 to $2.75 previously. Our fiscal '21 non-GAAP EPS is now expected to be in the range of $3.20 to $3.25, up from our prior range of $2.90 to $3. This predominantly reflects our better-than-expected performance to date as well as the improved outlook for Q4, barring any new significant and sustained waves of COVID-19 infections and any major economic disruptions. As a reminder, our fiscal '21 GAAP and non-GAAP EPS guidance ranges include approximately $0.10 of benefit for the 53rd week.

綜上所述，在我們看到客戶返回我們的商店推動我們在第三季度取得創紀錄業績的巨大勢頭的推動下，我們正在提高全年財政 '21 EPS 指導。我們新的 21 財年 GAAP 每股收益指導範圍為 2.97 美元至 3.02 美元，高於之前的 2.65 美元至 2.75 美元。我們的 21 財年非 GAAP 每股收益現在預計在 3.20 美元到 3.25 美元之間，高於我們之前的 2.90 美元到 3 美元的範圍。這主要反映了我們迄今為止好於預期的業績以及第四季度前景的改善，除非出現任何新的重大和持續的 COVID-19 感染浪潮和任何重大經濟中斷。提醒一下，我們的 21 財年 GAAP 和非 GAAP 每股收益指導範圍包括第 53 週約 0.10 美元的收益。

Consistent with our past practice, we will provide guidance for fiscal '22 on our Q4 earnings call. However, I should note that the earlier-than-expected margin recovery we saw in Q3 and expect in Q4 was not contemplated when we provided our fiscal '22 EPS growth outlook at our December Investor Day. We are pleased with the strength of our business and we'll provide our FY '22 outlook during our Q4 call. Importantly, our ongoing commitment to the double-digit non-GAAP EPS growth at scale remains strongly intact.

與我們過去的做法一致，我們將在第四季度財報電話會議上提供 22 財年的指導。但是，我應該指出，當我們在 12 月的投資者日提供我們的 22 財年每股收益增長展望時，我們沒有考慮到我們在第三季度和第四季度看到的比預期更早的利潤率復甦。我們對我們的業務實力感到滿意，我們將在第四季度電話會議中提供我們的 22 財年展望。重要的是，我們對兩位數的非 GAAP 每股收益大規模增長的持續承諾仍然完好無損。

To summarize, Q3 performance exceeded our expectations with record revenue and earnings, underscoring the resilience and power of our brand, which remains as relevant as ever. While temporary marketplace dynamics will impact our business until the global pandemic is behind us, the enduring strength of the Starbucks Experience, fueled by our incredible partners around the globe, remains intact, thriving in this moment of human reconnection and continuing to guide our long-term growth. As always, the credit for our success this quarter and in the future belongs to our Starbucks partners around the world who proudly wear the Green Apron. They have our greatest respect and appreciation.

總而言之，第三季度的業績超出了我們的預期，創紀錄的收入和收益，凸顯了我們品牌的韌性和力量，這與以往一樣重要。雖然在全球大流行病過去之前，暫時的市場動態會影響我們的業務，但星巴克體驗的持久力量在我們全球令人難以置信的合作夥伴的推動下仍然完好無損，在這個人類重新聯繫的時刻蓬勃發展，並繼續指導我們長期的長期增長。一如既往，我們本季度和未來的成功歸功於我們在世界各地自豪地穿著綠色圍裙的星巴克合作夥伴。他們受到我們最大的尊重和讚賞。

And with that, Kevin and I are happy to take your questions, joined by John Culver, Michael Conway and Belinda Wong. Thank you. Operator?

有了這個，凱文和我很高興回答你的問題，約翰卡爾弗、邁克爾康威和貝琳達黃也加入了。謝謝。操作員？

(Operator Instructions) Your first question comes from the line of Jeffrey Bernstein with Barclays.

（操作員說明）您的第一個問題來自 Jeffrey Bernstein with Barclays。

Great. Question specifically on the China market, Kevin, I know you mentioned you've never been more confident. With that said, I think everyone would agree it's a very volatile market, whether you think about it politically or consumer-wise. Obviously, competition is intense. And we know it is your highest growth market for Starbucks, and clearly 100% company operated, so a major market for you.

偉大的。特別是關於中國市場的問題，凱文，我知道你提到過你從未像現在這樣自信過。話雖如此，我想每個人都會同意這是一個非常不穩定的市場，無論你是從政治角度還是從消費者角度考慮。顯然，競爭是激烈的。我們知道這是您星巴克增長最快的市場，而且顯然是 100% 公司運營，因此對您來說是一個主要市場。

With that said, the third quarter shortfall and seemingly a significant reduction in the fiscal '21 guidance. I'm just wondering whether you're concerned at all about that. It sounds like from your commentary, not so much. I'm just wondering maybe you can give some color, or Belinda, perhaps in terms of what you attribute the slowdown which you expect to continue, whether maybe China is seeing a virus uptick or whether -- I know some people are fearful that there's consumer pushback on certain U.S. brands? Just trying to get a sense for what's changed of late in the China market and yet still confidence quite high longer term?

話雖如此，第三季度出現短缺，而且 21 財年指導方針似乎大幅減少。我只是想知道你是否擔心這一點。從你的評論聽起來，不是那麼多。我只是想知道也許你可以給出一些顏色，或者貝琳達，也許可以根據你認為經濟放緩的原因，你認為中國是否正在看到病毒上升，或者是否 - 我知道有些人擔心有消費者對某些美國品牌的抵制？只是想了解一下中國市場最近發生了什麼變化，但從長遠來看仍然充滿信心？

Yes. Jeffrey, thanks for the question. Let me share some thoughts, and then I'll hand it over to Belinda to comment a bit further. Jeffrey, we've been in China now for over 20 years. And every step of the way, we have built Starbucks in China for China. And the brand resonates with our customers in China. So I think that's number one.

是的。杰弗裡，謝謝你的提問。讓我分享一些想法，然後我會把它交給 Belinda 進一步評論。杰弗裡，我們來中國已經 20 多年了。而每一步，我們都在為中國打造星巴克在中國。該品牌與我們在中國的客戶產生共鳴。所以我認為這是第一位的。

Number two, we are in a market-building mode right now where most of our growth comes from the new stores that we open. And the fact that the new stores that we have been opening are performing at some of the highest AUV levels prior generations, gives us confidence that we are continuing to expand our reach and presence in China. I think those 2 things. Certainly, from a geopolitical standpoint, we've -- we've got businesses in 84 markets around the world. So we constantly deal with geopolitical situations. And I'd say there's not a geopolitical situation that has really impacted us in China over the last couple of years. And I don't really foresee that happening as long as we continue to stay focused on what we do and what we do well, which is create a great experience for our customers in China, take care of our Starbucks partners who proudly wear the Green Apron in China.

第二，我們現在處於市場建設模式，我們的大部分增長來自我們開設的新店。事實上，我們開設的新店的表現達到了前幾代最高的 AUV 水平，這讓我們有信心繼續擴大我們在中國的影響力和影響力。我認為這兩件事。當然，從地緣政治的角度來看，我們在全球 84 個市場都有業務。所以我們經常處理地緣政治局勢。我想說的是，在過去的幾年裡，沒有真正影響到我們在中國的地緣政治局勢。只要我們繼續專注於我們所做的事情和我們擅長的事情，我真的沒有預見到這種情況會發生，這為我們在中國的客戶創造了良好的體驗，照顧我們自豪地佩戴綠色標誌的星巴克合作夥伴圍裙在中國。

And we're bullish. We continue to invest, whether it's the investment we're making in new stores, whether it's the Coffee Innovation Park, the first sustainable roasting plant that we're building in China, the work we're doing with coffee farmers in Yunnan. And I sort of look at this navigating some of the implications of COVID as just being short term. And so that's why I kind of look at it as a very -- from a very bullish perspective long term.

我們看好。我們繼續投資，無論是我們對新店的投資，無論是咖啡創新園，我們在中國建設的第一個可持續烘焙廠，我們正在與雲南的咖啡農一起做的工作。我將這種對 COVID 的一些影響的導航看作是短期的。因此，這就是為什麼我從長期非常看漲的角度來看它的原因。

So let me hand it over to Belinda. Belinda, I'll let you comment a bit further on Jeffrey's question.

所以讓我把它交給貝琳達。 Belinda，我會讓你進一步評論 Jeffrey 的問題。

Thank you, Kevin. We achieved 19% comp in Q3 despite COVID resurgence in the south. Now if you exclude the adverse impacts from lapping prior year VAT exemption benefit, our comp grew actually 24% in the quarter. Our previous comp guidance has assumed a shorter time frame for the lifting of travel restrictions and also less of the uncertainties that we have faced in the market. And hence, we are adjusting our comp guidance to reflect the uncertainties. Now make no mistake that the short-term volatility that we're facing today are only temporary. The recovery, as we've always said, will continue to be nonlinear.

謝謝你，凱文。儘管 COVID 在南部捲土重來，但我們在第三季度實現了 19% 的收入增長。現在，如果你排除上一年增值稅免稅優惠帶來的不利影響，我們的收入在本季度實際上增長了 24%。我們之前的 comp 指南假設取消旅行限制的時間框架更短，而且我們在市場上面臨的不確定性也更少。因此，我們正在調整我們的 comp 指南以反映不確定性。毫無疑問，我們今天面臨的短期波動只是暫時的。正如我們一直所說的那樣，復甦將繼續是非線性的。

Now 1 point that you have to fully realize is that we have fully regained our pre-COVID pace of store development. And Kevin spoke about the achievements that we achieved in Q3, and we are well on track to open more than 600 net new stores this fiscal year and operate 6,000 stores by the next fiscal year.

現在，您必須充分意識到的一點是，我們已經完全恢復了 COVID 前商店發展的步伐。凱文談到了我們在第三季度取得的成就，我們有望在本財年淨開設 600 多家新店，並在下一財年運營 6,000 家門店。

And on top of that, yes, we are delivering best-in-class store profitability and returns. We are meeting the year 1 new store performance guidance that we provided during last Investor Day. And please note that our focus in the past decade has always been about total revenue growth and reaching new customers for them to trial the Starbucks Experience and coffee in China market. And majority of our total revenue growth and close to 70% of that comes from new stores. There's huge runway for growth in China due to growing coffee consumption and the addressable market, rising middle-class population and disposable income. So we're still in very early chapters of our growth story here in this market.

最重要的是，是的，我們正在提供一流的商店盈利能力和回報。我們正在滿足我們在上一個投資者日提供的第 1 年新店業績指導。請注意，我們在過去十年的重點一直是總收入增長和吸引新客戶，讓他們在中國市場試用星巴克體驗和咖啡。我們總收入增長的大部分和近 70% 來自新店。由於咖啡消費量的增長和潛在市場的增長、中產階級人口的增加和可支配收入的增加，中國有巨大的增長空間。因此，我們仍處於這個市場增長故事的早期階段。

My personal on-the-ground experience and what I see here in the market gives me full confidence in the resiliency and the dynamism of the Chinese consumer economy. No other F&B retailer or specialty coffee brands possess our speed, quality, coverage of our national footprint, our market-leading digital ecosystem and customer engagement, our robust innovation pipeline and the strength of our brand, these are all unmatched in China, and we are well positioned than ever to continue to win in this market.

我的個人實地經驗和我在市場上的所見使我對中國消費經濟的彈性和活力充滿信心。沒有其他餐飲零售商或精品咖啡品牌能夠擁有我們的速度、質量、覆蓋全國的足跡、我們市場領先的數字生態系統和客戶參與度、我們強大的創新渠道和我們的品牌實力，這些在中國都是無與倫比的，我們比以往任何時候都處於有利地位，可以繼續在這個市場上取勝。

We will focus on what we can control. Our strategies are clearly working. So we are playing the long game here and ready and excited to capture the additional growing growth opportunities once the international travel restrictions are lifted and the pandemic is behind us. Thank you.

我們將專注於我們可以控制的事情。我們的戰略顯然正在奏效。因此，我們正在打一場持久戰，並準備好並興奮地抓住國際旅行限制解除且大流行病過去後的額外增長機會。謝謝。

Thank you, Belinda. I think Rachel had one other comment to add, Jeffrey, to your question.

謝謝你，貝琳達。 Jeffrey，我認為 Rachel 對你的問題還有另外一條評論要補充。

Yes. Thank you, Jeffrey. I just wanted to reiterate 2 quick points, one of which is our double-digit EPS growth at scale that we've committed to, as you know, is -- one of the key building blocks to that is our unit growth as well as our comp growth. And so that unit growth in China continues to be important not only for this year, but for our long-term equation.

是的。謝謝你，杰弗裡。我只想重申 2 個要點，其中之一是我們承諾的兩位數 EPS 規模增長，正如你所知，這是 - 關鍵的組成部分之一是我們的單位增長以及我們的競爭增長。因此，中國的單位增長不僅對今年很重要，對我們的長期方程式也很重要。

The other thing that I would point out is the guidance that we gave for Q4 on comp for international and China, it implies a sequential improvement on a 2-year basis from Q3 to Q4. So I think it's important to show that we're continuing to be optimistic and showing continued momentum in the business for the remainder of this fiscal year.

我要指出的另一件事是我們為第 4 季度國際和中國 comp 提供的指導，這意味著從第 3 季度到第 4 季度的 2 年基礎上的連續改進。因此，我認為重要的是要表明我們在本財年的剩餘時間內繼續保持樂觀並顯示出業務的持續發展勢頭。

Your next question comes from the line of David Tarantino with Baird.

你的下一個問題來自 David Tarantino 與 Baird 的對話。

I wanted to ask about margins. And I think at the Analyst Day back in December, you laid out an outlook for long-term operating margins in the 18% to 19% range. And now this quarter that you just reported, very comfortably above that. So I wanted to ask, Rachel, if you had an updated view on what the right profile for the business should be as we think about looking forward and how you sort of factor in some of the investments that you talked about earlier?

我想問一下利潤率。我認為在 12 月的分析師日，您提出了 18% 至 19% 範圍內的長期營業利潤率前景。而現在您剛剛報告的這個季度，非常輕鬆地超過了這個季度。所以我想問，雷切爾，當我們考慮展望未來時，您是否對正確的業務概況有更新的看法，以及您如何考慮您之前談到的一些投資？

Sure. The way I think about it is, let me put it into a little bit of context is, in Q3, our margin was incredible. I mean we -- from a standpoint of both -- across all of our markets, we saw margin expansion versus prior year and even against FY '19. And a big driver of that was our sales leverage as well as comping over COVID impacts broadly pricing. But it did help to offset some accelerated investments we've made in wage as well as inflationary pressures. When you think about Q4, we would expect, as we've guided, we guided our margin to increase from 16.5% to 17.5%, going to 18% for the balance of the year. So this shows our optimism and the continued momentum in the business. But what I caution is there's a slightly lower relative to the performance we saw in Q3 based on increasing costs that we see related to inflation as well as the continued investments that we need to make in our business. Those investments were critical to our recovery, but they're more important even foundationally for our growth.

當然。我的想法是，讓我稍微說明一下，在第三季度，我們的利潤率令人難以置信。我的意思是我們——從雙方的角度來看——在我們所有的市場中，我們看到利潤率與上一年相比有所增長，甚至與 19 財年相比也有所增長。其中一個重要的驅動因素是我們的銷售槓桿以及對 COVID 影響的廣泛定價。但這確實有助於抵消我們在工資和通脹壓力方面所做的一些加速投資。當您考慮第四季度時，我們預計，正如我們所指導的那樣，我們將利潤率從 16.5% 增加到 17.5%，在今年餘下時間將增加到 18%。因此，這顯示了我們的樂觀情緒和業務的持續發展勢頭。但我要提醒的是，由於我們認為與通貨膨脹相關的成本增加以及我們需要對業務進行的持續投資，與我們在第三季度看到的業績相比，業績略有下降。這些投資對我們的複蘇至關重要，但它們甚至對我們的增長更為重要。

And so as we think about FY '22, we're not going to provide guidance for FY '22 today. That will be on our Q4 call to give us time to complete our annual operating plan, which we're in the process of right now. But if you think about that, some of what we guided at Investor Day from that growth in FY '22 has been pulled forward into FY '21. But I want to be clear that we remain committed to double-digit EPS -- non-GAAP EPS growth. So we're committed to that. When you think about that margin that we laid out at Investor Day, that 18% to 19%, that was up from 17% to 18% that we had guided previously. That accounted for the benefit that we're seeing from the investments we're making. So it just again reiterates the importance of those investments. And so when we think about that guidance at Investor Day, what it allows us to do is modestly expand margin while continuing to invest. And again, we'll provide further guidance on FY '22 at our Q4 call, but that's how I put it into perspective.

因此，當我們考慮 22 財年時，我們今天不會為 22 財年提供指導。這將在我們的第四季度電話會議上進行，以便我們有時間完成我們目前正在進行的年度運營計劃。但如果你考慮一下，我們在投資者日從 22 財年的增長中指導的一些內容已經被提前到 21 財年。但我想明確表示，我們仍然致力於實現兩位數的每股收益——非美國通用會計準則每股收益增長。所以我們致力於此。當您考慮我們在投資者日設定的利潤率時，即 18% 至 19%，高於我們之前指導的 17% 至 18%。這說明了我們從正在進行的投資中看到的好處。因此，它再次重申了這些投資的重要性。因此，當我們在投資者日考慮該指引時，它允許我們做的是在繼續投資的同時適度擴大利潤率。再一次，我們將在第四季度的電話會議上提供關於 22 財年的進一步指導，但這就是我的看法。

Your next question comes from the line of John Ivankoe with JPMorgan.

你的下一個問題來自摩根大通的 John Ivankoe。

It's actually an average ticket question, both for the U.S. and for China. I mean I think it probably would have been a rational expectation to think lapping a 27% ticket from the second quarter -- excuse me, the third quarter of '20 would have basically been impossible and yet you were able to do that for all the reasons that you pointed out. Yet I would have thought, as people came back in the morning and migrated more towards single-order transactions, just by definition, that would have fallen. So could you kind of give some more color around maintaining that average ticket. I think there was a comment made in the prepared remarks about the -- excuse me, about maintaining a significant portion of that pricing. But whether, in fact, it can be 100% of the ticket lift that you got over the past 5 quarters or so.

對於美國和中國來說，這實際上是一個普通的選票問題。我的意思是，我認為從第二季度開始考慮獲得 27% 的票可能是一個合理的預期——對不起，20 世紀第三季度基本上是不可能的，但你能夠做到這一點你指出的原因。然而我本以為，隨著人們早上回來並更多地轉向單一訂單交易，根據定義，這種交易會下降。那麼，您能否為維護該平均票價提供更多顏色。我認為在準備好的評論中有關於 - 對不起，關於維持該定價的很大一部分的評論。但實際上，它是否可以是您在過去 5 個季度左右獲得的票數提升的 100%。

And secondly, China was the inverse of that. Even if I adjust for that benefit from the previous year, the ticket was actually down in China, which isn't very common, especially in an inflationary environment, if you could talk about the China ticket as well. And for both businesses, just your attitude on overall menu pricing, given what is your inflationary cost pressure, is that something that a consumer may expect as well as higher pricing, whether that's something that may accelerate as well on the menu for both businesses.

其次，中國恰恰相反。即使我調整了前一年的收益，中國的機票實際上也有所下降，這並不常見，尤其是在通貨膨脹的環境中，如果你也可以談談中國機票的話。對於兩家企業而言，考慮到您的通脹成本壓力，您對整體菜單定價的態度是消費者可能期望的東西以及更高的定價，這是否也可能在兩家企業的菜單上加速。

John, thanks for your question. We'll have John Culver take the U.S. and then Belinda can take China. And Rachel, you can add any additional. So John?

約翰，謝謝你的問題。我們會讓 John Culver 拿下美國，然後 Belinda 可以拿下中國。雷切爾，你可以添加任何其他內容。那麼約翰？

John, I appreciate the question. It's a great question. Let me give me a little context. We continue to see strong sales recovery in the rural and suburban areas of the business, and in particular, drive-thru, where drive-thrus are most common. That is helping us to drive larger orders and a higher ticket. We saw record ticket in the quarter from an overall U.S. perspective.

約翰，我很欣賞這個問題。這是一個很好的問題。讓我給我一點背景。我們繼續看到該業務在農村和郊區的銷售強勁復甦，特別是得來速，其中最常見的得來速。這有助於我們推動更大的訂單和更高的票價。從美國的整體角度來看，我們在本季度看到了創紀錄的票價。

Now we're also, at the same time, as the customers become more mobile and start coming back into the Central Business District in the urban core, we did achieve a positive comp for the first time in that trade area since Q1 of FY '20, which gives us even more optimism for the future recovery of the business.

現在我們也同時，隨著客戶變得更加流動並開始回到城市核心的中央商務區，我們確實自 FY 第一季度以來首次在該貿易區取得了積極的業績 ' 20，這讓我們對業務的未來復甦更加樂觀。

Now as that recovers, in the Central Business District in urban core, what we do expect is that the customers will begin frequenting those stores in those areas. And as part of that, transactions will increase, but ticket will moderately decrease and it will balance itself out over time. We see great opportunity to continue to drive transactions in our stores right now, broadly across the U.S. business, we're operating at about 90% of pre-COVID transaction levels. So we've got a lot of room to go to grow back to a more normalized rate pre-pandemic wise as it relates to transactions. And as we do that, we do expect the tickets to moderately decline during that time.

現在，隨著這種情況的恢復，在城市核心區的中央商務區，我們確實期望顧客會開始光顧這些地區的商店。作為其中的一部分，交易量會增加，但票數會適度減少，並且會隨著時間的推移自行平衡。我們看到了繼續推動商店交易的大好機會，在整個美國業務範圍內，我們的營業額約為 COVID 前交易水平的 90%。因此，在與交易相關的情況下，我們有很大的空間可以恢復到大流行前更正常化的利率。當我們這樣做時，我們確實希望門票在那段時間會適度下降。

Belinda, do you want to take China?

貝琳達，你想帶走中國嗎？

My turn, right, Kevin?

輪到我了，對吧，凱文？

Yes...

是的...

China? Okay. Great. Q3, a 9% AT drop, but majority of that, 6%, is really from what you just said, John, on the 6% VAT lapse. So the AT drop is really just a negative 3%. So one thing that you have to note is that we're seeing the acceleration of our digital mobile ordering sales mix, the delivery portion of it, we're seeing great uplift on our AT versus the store transaction. So that is -- that is a good thing.

中國？好的。偉大的。第三季度，AT 下降了 9%，但其中大部分，6%，真的來自約翰，你剛才所說的 6% 的增值稅失誤。所以 AT 下降實際上只是負 3%。所以你必須注意的一件事是，我們看到我們的數字移動訂購銷售組合的加速，其中的交付部分，我們看到我們的 AT 與商店交易相比有了很大的提升。所以這是 - 這是一件好事。

So -- and in terms of your question on the inflationary pressure. It does exist but to a much lesser extent as comparing to the U.S. And in this fiscal year, we're able to net of any increases by our own operational efficiencies or any savings that we were able to achieve due to our volume increase. So thank you.

所以——就你關於通脹壓力的問題而言。它確實存在，但與美國相比程度要小得多。在本財年，我們能夠扣除我們自身運營效率的任何增長或由於我們的數量增加而能夠實現的任何節省。所以謝謝。

I just want to add a little further clarification around that. I mean both good points from Belinda and John. What I would say is broadly in the U.S., part of the function of our comp in our ticket going to 1% is just our year-over-year lap. Our actual ticket continues to be at one of our highest levels and it's our third consecutive quarter. And we continue to see, as John mentioned, as we see more single beverage transactions, we expect our ticket to moderate, but we do believe that our ticket will remain elevated, slightly elevated, compared to where from a pre-pandemic level. And drivers of that are the attach that John spoke about as well as the continued attach we see in food, our ability to continue to move customers to our cold beverages, which have a more premium price. In addition to our promotion offerings and our customization, those are other ways that we're further evolving our ticket across the U.S. and Americas space.

我只想對此做進一步說明。我的意思是 Belinda 和 John 的兩個優點。我要說的是，在美國，我們的票據中的部分功能達到 1% 只是我們的同比增長。我們的實際門票繼續處於我們的最高水平之一，這是我們連續第三個季度。正如約翰提到的那樣，我們繼續看到，隨著我們看到更多的單一飲料交易，我們預計我們的票價會有所緩和，但我們確實相信，與大流行前的水平相比，我們的票價將保持高位，略高。其驅動因素是約翰所說的依戀以及我們在食品中看到的持續依戀，我們繼續將顧客轉移到價格更高的冷飲的能力。除了我們的促銷產品和我們的定制之外，這些是我們在美國和美洲空間進一步發展我們的機票的其他方式。

And what I want to just point out is that the margin that we're guiding to for the balance of the year, increasing to 18%, again, up from the 16.5% to 17% on a -- 17.5% on a non-GAAP basis that we previously guided, part of that growth is really coming from an elevated ticket. It's not the only thing, but it's one of many. And it continues to be one of many levers to help us support, not only inflationary pressures and the headwinds that we have from that, but the continued investments that we need to make in our business. So it continues to be a critical part of our equation, and it's reflected in the guidance that we've provided.

我想指出的是，我們在今年餘下時間指導的利潤率再次增加到 18%，從 16.5% 上升到 17% - 非 - 17.5%我們之前指導的 GAAP 基礎，部分增長實際上來自高票。這不是唯一的事情，但它是許多事情之一。它仍然是幫助我們支持的眾多槓桿之一，不僅是通貨膨脹壓力和我們從中遇到的逆風，還有我們需要在我們的業務中進行的持續投資。因此，它仍然是我們等式的關鍵部分，並且反映在我們提供的指導中。

And let me just sort of close. I know there's been a lot on the -- written in the press about the cold weather that's hit Brazil and the implications on the CIF price of coffee. And so just to give you some context, on the increasing CIF price of coffee, you should know that over the years, we've created a very thoughtful approach to how we source, warehouse and use hedging techniques to ensure we always have supply of premium arabica green coffee at an attractive cost basis. In fact, we purchase green coffee 12 to 18 months in advance, and we never stopped buying green coffee through the pandemic. So as a result, we currently have over 14 months of price forward coverage, which means we have price locked on our coverage for the next 14 months which gets us through the rest of fiscal year '21 and most of fiscal year '22. And I think we may be the only large buyer of green coffee that uses this approach, and that will serve us well as it gives us a significant advantage relative to our competitors who, if they don't buy this far in advance, will certainly not have that cost structure that we put in place. And so I just want to comment on that since it's been in the press and kind of relates to your question, John, on inflation.

讓我有點接近。我知道媒體上有很多關於襲擊巴西的寒冷天氣及其對咖啡 CIF 價格的影響的報導。因此，為了給您提供一些背景信息，關於咖啡的 CIF 價格上漲，您應該知道，多年來，我們已經制定了一種非常周到的方法來採購、倉儲和使用對沖技術，以確保我們始終有供應以具有吸引力的成本基礎提供優質阿拉比卡生咖啡。事實上，我們提前12到18個月購買咖啡生豆，疫情期間我們從未停止購買咖啡生豆。因此，我們目前有超過 14 個月的價格遠期覆蓋，這意味著我們在未來 14 個月的覆蓋範圍內鎖定了價格，這使我們能夠度過 21 財年的剩餘時間和 22 財年的大部分時間。而且我認為我們可能是唯一使用這種方法的生咖啡大買家，這對我們很有幫助，因為相對於我們的競爭對手，它給我們帶來了顯著的優勢，如果他們不提前這麼長時間購買，肯定會沒有我們制定的成本結構。所以我只想對此發表評論，因為它已經出現在媒體上，並且與你的問題有關，約翰，關於通貨膨脹。

Your next question comes from the line of John Glass with Morgan Stanley.

你的下一個問題來自摩根士丹利的 John Glass。

My question, Rachel, and maybe others, is just on what is the aggregate amount of inflation you're actually facing in your P&L? I know you talked about inflationary pressures, but some companies talk about the aggregate inflation, some even talk about wages. Is there inflation coming in the supply chain? Is there a way to quantify that? And how do you think about pricing in that context? Are you willing to take an unusual amount of pricing relative to history to offset that? Or do you find there's other places in the P&L? I mean it's notable that some of your peers are taking significant amounts of pricing now. They feel like they have that power. I always thought Starbucks had that power maybe use it more judiciously, but is your frame of how you think about pricing changing because of this environment?

我的問題，雷切爾，也許還有其他人，只是關於您在損益表中實際面臨的通貨膨脹總量是多少？我知道你談到了通貨膨脹壓力，但有些公司談到了總體通脹，有些甚至談到了工資。供應鏈中是否存在通貨膨脹？有沒有辦法量化它？在這種情況下，您如何看待定價？您是否願意採用相對於歷史而言異常多的定價來抵消這一點？還是您發現損益表中還有其他地方？我的意思是值得注意的是，您的一些同行現在正在大量定價。他們覺得自己擁有那種力量。我一直認為星巴克有這種能力，也許可以更明智地使用它，但你對定價的看法是否會因為這種環境而改變？

Yes, I think I'd start first with the inflationary pressures that we saw. So in Q3, we had outstanding performance. But within that, we covered headwinds in the Americas business of about 70 basis points. And we expect headwinds related to rising costs and inflationary pressures to continue into Q4, which is reflected in the guidance that we've given.

是的，我想我首先要從我們看到的通脹壓力開始。所以在第三季度，我們有出色的表現。但在此範圍內，我們涵蓋了美洲業務約 70 個基點的逆風。我們預計與成本上升和通脹壓力相關的逆風將持續到第四季度，這反映在我們給出的指導中。

Now some of the ways that we not only offset headwinds such as inflation, but also the investments we're making are price. And we've always been very thoughtful and measured in the pricing actions we take so that we don't inhibit growth. And I would say our pricing strategy hasn't fundamentally changed. We're very surgical in nature. We look on a store-by-store basis, and we leverage analytics and insights. And importantly, what our analytics and insights show us is that we do have pricing power. And we see that in the premiumization of our beverages, the gravitation towards our promotional offerings. And this is our opportunity to be able to leverage price in those ways, which is one of the reasons why we talk about our ticket continuing to stay elevated, not at the rate that we have today, but a slightly elevated. But pricing will be one of many levers that we use to offset these headwinds. For example, we'll continue to drive customization with our customers, continue to drive our customers to our cold beverage offerings where we have a more premium nature, continue to drive beverage and food attach when and where possible, those are ways to continue to have an elevated ticket. So through pricing, an elevated ticket, we'll also continue to look at efficiencies in our supply chain as well as efficiencies in G&A. So this particular quarter, we saw our G&A returning to pre-pandemic levels, and we'll continue to find efficiencies in G&A over time with our goal to be able to grow G&A less than our revenue growth as another way.

現在，我們不僅抵消通貨膨脹等逆風的一些方式，而且我們正在進行的投資都是價格。我們在採取定價行動時一直非常周到和慎重，這樣我們就不會抑制增長。我會說我們的定價策略沒有根本改變。我們本質上是非常外科手術的。我們逐家查看，並利用分析和洞察力。重要的是，我們的分析和見解向我們表明，我們確實擁有定價權。我們在飲料的優質化中看到了對我們促銷產品的吸引力。這是我們能夠以這些方式利用價格的機會，這也是我們談論我們的機票繼續保持高位的原因之一，不是以我們今天的速度，而是略高。但定價將是我們用來抵消這些不利因素的眾多槓桿之一。例如，我們將繼續推動與客戶的定制，繼續推動我們的客戶使用我們具有更高品質的冷飲產品，繼續在可能的時間和地點推動飲料和食品的附加，這些都是繼續有高架票。因此，通過定價、高票，我們還將繼續關注我們供應鏈的效率以及 G&A 的效率。因此，在這個特定的季度，我們看到我們的 G&A 恢復到大流行前的水平，並且我們將隨著時間的推移繼續提高 G&A 的效率，我們的目標是能夠以另一種方式使 G&A 的增長低於我們的收入增長。

In addition to that, we're seeing benefit from Trade Area Transformation. Our Trade Area Transformation in the Americas and more broadly in the segment, delivered almost 80 basis points on margin. That's meaningful. And so we continue, as we've optimized that portfolio, that's yet another lever that we're using to help offset not only headwinds related to inflation, but also the investments that we know we need to make that are critical to our growth in the future. And those are investments both in wages for our partners as well as investments in our service experience and our throughput as well as investments in digital initiatives. All those are critical for our growth in the future and really are fueling our -- not only our recovery, but will fuel the growth for years to come. So those are important investments for us broadly. And those are the ways we think about how we'll offset those increasing costs while still modestly expanding margin.

除此之外，我們還看到了貿易區轉型的好處。我們在美洲和更廣泛的細分市場的貿易區轉型實現了近 80 個基點的利潤率。那很有意義。因此，我們繼續優化該投資組合，這是我們用來幫助抵消與通貨膨脹相關的逆風的又一個槓桿，而且我們知道我們需要進行的投資對我們的增長至關重要未來。這些投資既包括我們合作夥伴的工資，也包括我們對服務體驗和吞吐量的投資，以及對數字計劃的投資。所有這些對我們未來的增長都至關重要，並且確實在推動我們的——不僅是我們的複蘇，還將推動未來幾年的增長。因此，這些對我們來說都是重要的投資。這些就是我們考慮如何抵消那些不斷增加的成本，同時仍然適度擴大利潤率的方式。

Your next question comes from the line of Sharon Zackfia with William Blair.

你的下一個問題來自 Sharon Zackfia 和 William Blair 的對話。

Rachel, I appreciate you're not kind of redoing the Analyst Day guidance. But I did want to ask a question about development because I think at the Analyst Day you had committed to kind of reaccelerating the 6% to 7% unit growth in fiscal '22. I wondered if that's still held and what the pushes and pulls are there, particularly given the labor environment.

雷切爾，我很感激你沒有重做分析師日指南。但我確實想問一個關於發展的問題，因為我認為在分析師日你已經承諾在某種程度上重新加速 22 財年 6% 到 7% 的單位增長。我想知道這是否仍然存在，那裡有什麼推力和拉力，特別是考慮到勞動環境。

We continue to see unit growth as a meaningful driver of our double-digit non-GAAP EPS growth. So we'll remain committed to expanding stores both in our international markets, in our company-owned markets, so our licensed and company-owned. So that will be a continued driver of our growth even with the pressures that we're seeing in labor. And to date, we've -- as Belinda mentioned, we're on track to open more than 600 stores in China. We've opened plus 500 stores in the Americas segment. And broadly, we're going to open a net 1,100 net new stores this fiscal year. So still continuing to have meaningful growth in our stores, not only this year but into next year. Now the details of what that growth will look like, again, will have to come in Q4 when we provide -- in our Q4 earnings update when we provide more detailed guidance on FY '22, but you can expect our unit growth continuing to be not only a driver of our earnings but also as a critical part of our growth in the future.

我們繼續將單位增長視為我們兩位數的非 GAAP 每股收益增長的重要推動力。因此，我們將繼續致力於在我們的國際市場、我們公司擁有的市場、我們的許可和公司擁有的市場上擴大商店。因此，即使我們在勞動中看到壓力，這也將成為我們增長的持續驅動力。迄今為止，正如貝琳達所提到的，我們正按計劃在中國開設 600 多家門店。我們在美洲分部開設了 500 多家門店。從廣義上講，我們將在本財政年度淨開設 1,100 家淨新店。因此，不僅今年而且明年，我們的商店仍將繼續保持有意義的增長。現在，當我們提供關於 22 財年更詳細指導的第 4 季度收益更新時，我們必須在第 4 季度再次詳細說明這種增長情況，但您可以預期我們的單位增長將繼續不僅是我們收入的驅動力，也是我們未來增長的重要組成部分。

Yes. And Sharon, this is Kevin. I'll just remind you, I commented in my remarks that we're 80% through the Americas Trade Area Transformation, which is, as we get into fiscal year '22, that puts us back on the front foot for net new store growth in North America. And certainly, Belinda and her team in China have already gotten there. So that's going to be very helpful as we go into FY '22.

是的。莎倫，這是凱文。我只是提醒你，我在我的評論中評論說，我們已經完成了 80% 的美洲貿易區轉型，也就是說，隨著我們進入 22 財年，這讓我們重新站在新店淨增長的前沿在北美。當然，Belinda 和她在中國的團隊已經到達那裡。因此，當我們進入 22 財年時，這將非常有幫助。

Your next question comes from the line of Chris Carril with RBC Capital Markets.

你的下一個問題來自 Chris Carril 與 RBC Capital Markets 的對話。

So Kevin, I wanted to follow up on your comments around non-Rewards spend outpacing Rewards spend. I think you noted for the first time in 11 quarters. Do you expect that to persist in the near term? Or would you expect that relationship to shift back to where you had seen recently as mobility and routines further normalize? And then on the elevated non-Rewards spend, are you also seeing increasing conversion of those non-Rewards guests to Rewards members?

所以凱文，我想跟進你對非獎勵支出超過獎勵支出的評論。我想你是 11 個季度以來第一次注意到。您預計這種情況會在短期內持續嗎？或者，隨著流動性和日常活動進一步正常化，您是否希望這種關係回到您最近看到的狀態？然後，在非獎勵支出增加的情況下，您是否也看到那些非獎勵客人越來越多地轉化為獎勵會員？

Yes. Thanks, Chris. I mean that's the key point. You look at the fact that we've grown our active -- 90-day active Starbucks Rewards members significantly to over 24 million. And where are we getting those active rewards members. They're coming from the non-Rewards customers that return into our stores. So actually think the increase in non-Rewards customers is going to be very helpful to continue to fuel that base of active Rewards members.

是的。謝謝，克里斯。我的意思是這是關鍵點。你看看我們已經將活躍的——90 天活躍的星巴克獎勵會員顯著增加到超過 2400 萬這一事實。我們從哪裡獲得那些活躍的獎勵會員。他們來自返回我們商店的非獎勵客戶。因此，實際上認為非獎勵客戶的增加將非常有助於繼續推動活躍的獎勵會員基礎。

We know that customers when they join Starbucks Rewards, they spend more. There's more frequency and more engagement from those customers. And that's why you think over a multiyear period, we have this aspiration to double the number of active Rewards members in North America.

我們知道，顧客在加入星享俱樂部後會花費更多。這些客戶的頻率更高，參與度也更高。這就是為什麼你認為在多年的時間裡，我們希望將北美活躍的獎勵會員數量增加一倍。

John, let me -- I'll let you comment a bit further if you have anything else to add on the U.S.

約翰，讓我——如果你對美國還有什麼要補充的，我會讓你進一步評論。

Yes. Chris, the one thing I would add to what Kevin is saying is the success of the Stars for Everyone program that we launched a little over 3 quarters ago. It makes it easier for people to join the Starbucks Rewards program. It enables customers to make purchases by adding alternative payment options in addition to utilizing store value. And really, what we're seeing there is that it's helped to drive the 49% increase that we're seeing year-over-year in membership across broadly the Starbucks Reward program.

是的。克里斯，我要補充的一件事是凱文所說的，即我們在 3 個多季度前推出的 Stars for Everyone 計劃取得的成功。它使人們更容易加入星巴克獎勵計劃。它使客戶除了利用商店價值外，還可以通過添加替代支付選項來進行購買。事實上，我們在那裡看到的是，它幫助推動了我們在廣泛的星巴克獎勵計劃中看到的會員人數同比增長 49%。

To put that into context, we have added nearly 5 million 90-day active members since the beginning of this fiscal year. And what this has done, it's driven a meaningful increase in the conversion rate for those who joined the Starbucks Rewards program. And really, while we're not seeing a material shift from customers leaving the store value program to alternate payment methods, the vast majority of the customers who use these alternative payment methods are new or reengaged members that we're tracking back into the program. So going forward, we're going to continue to double down on both our Rewards members as well as our non-Rewards members. We see that this is being highly accretive to driving frequency as well as spend, and we see this as being one of the biggest opportunities we have for the long-term program growth in attracting those occasional customers into our stores.

考慮到這一點，自本財年開始以來，我們已經增加了近 500 萬名 90 天活躍會員。這樣做的結果是，它顯著提高了加入星巴克獎勵計劃的人的轉化率。實際上，雖然我們沒有看到從離開儲值計劃的客戶轉向替代支付方式的實質性轉變，但使用這些替代支付方式的絕大多數客戶都是新會員或重新加入該計劃的會員.因此，展望未來，我們將繼續加大對獎勵會員和非獎勵會員的投入。我們看到這極大地增加了駕駛頻率和支出，我們認為這是我們長期計劃增長的最大機會之一，可以吸引那些偶爾的顧客進入我們的商店。

If I could add just one thing to that, what I would add is that what we see is we've raised our Q4 guidance for -- if you look at the guidance we've given for Americas and U.S. in Q4, it implies that we're going to improve on a 2-year basis on our comp from Q3 into Q4. And as I mentioned in my prepared remarks, that's implying about an 11% to a 13% 2-year comp growth, which is above the 9% we saw in Americas this quarter on a 2-year basis and above the 10% we saw in the U.S. The driver of that is really the fact that in this quarter, we saw our customer counts, overall customer counts, in line with pre-pandemic levels FY '19, but where we have opportunity is frequency. And so that frequency is really what helps support our optimism and aligns with the guidance that we've provided in Q4.

如果我只能添加一件事，我想補充的是，我們看到的是我們已經提高了我們的第四季度指導——如果你看看我們在第四季度為美洲和美國提供的指導，這意味著從第三季度到第四季度，我們將在 2 年的基礎上改進我們的公司。正如我在準備好的發言中提到的，這意味著 2 年薪酬增長率約為 11% 至 13%，高於我們本季度在美洲看到的 2 年增長率 9%，也高於我們看到的 10%在美國，真正的驅動因素是在本季度，我們看到我們的客戶數量、總體客戶數量與 19 財年大流行前的水平一致，但我們有機會的地方是頻率。因此，這種頻率確實有助於支持我們的樂觀情緒，並與我們在第四季度提供的指導保持一致。

Your next question will be from Dennis Geiger with UBS.

你的下一個問題將來自瑞銀的 Dennis Geiger。

And wondering if you could talk a bit about how important throughput and operations have been most recently in driving sales. And I'm curious sort of on some of the operational adjustment that you've made within the U.S., the new service channels that you've launched in recent quarters. Where do you stand right now from sort of a drive-thru throughput perspective? What curbside is doing right now? And then maybe just to kind of look ahead, how much more opportunity there is for these service channels and then the throughput opportunity from here?

並且想知道您是否可以談談最近吞吐量和運營在推動銷售方面的重要性。我很好奇你們在美國所做的一些運營調整，你們最近幾個季度推出的新服務渠道。從得來速吞吐量的角度來看，你現在站在什麼位置？路邊現在在做什麼？然後也許只是向前看，這些服務渠道還有多少機會，然後是這裡的吞吐量機會？

John, do you want to take that?

約翰，你要拿那個嗎？

Yes. Thanks for the question, Dennis. It's very exciting to talk about this because the U.S. team has done a remarkable job in terms of driving throughput and operational efficiencies overall. One of the big things to note is that we have returned to pre-pandemic levels in terms of our overall operating efficiencies within our stores. So that's very encouraging to see.

是的。謝謝你的問題，丹尼斯。談論這個非常令人興奮，因為美國團隊在提高吞吐量和整體運營效率方面做得非常出色。需要注意的一件大事是，就我們門店的整體運營效率而言，我們已經恢復到大流行前的水平。所以這是非常令人鼓舞的。

The other thing that we've done to drive productivity and operational efficiencies in the store a couple of things. First, we significantly upgraded our play builder program, which allows us to be more effective in how we deploy our labor. We've also made good investments, strong investments in customer service training. And if you look at it over the last 18 months or so since COVID has hit, about 70% -- roughly 70% of our partners have been hired in these last 18 months, and they've been operating in this COVID-restricted environment. So we're reinvesting now in customer service training for our partners as customers become more mobile and frequent in our stores.

我們為提高商店的生產力和運營效率所做的另一件事是兩件事。首先，我們顯著升級了我們的 play builder 程序，這使我們能夠更有效地部署我們的勞動力。我們還進行了良好的投資，對客戶服務培訓進行了大量投資。如果你在 COVID 襲擊後的過去 18 個月左右看一下，大約 70%——大約 70% 的合作夥伴在過去 18 個月內被雇用，他們一直在這個受 COVID 限制的環境中工作.因此，隨著客戶在我們商店中變得更加流動和頻繁，我們現在正在為我們的合作夥伴重新投資客戶服務培訓。

Now in addition to the ongoing operations and how our stores and partners are operating, we've also made equipment innovation investments as well that is driving throughput as well as efficiency. The strain of 2 espresso machines. It's a big investment that we're making. We have it deployed at 70% of our U.S. company-operated stores. We'll complete the rollout in fiscal year '22. We've introduced a new warming oven, the Merrychef warming oven, which is an upgrade to our current ovens. That's currently in 20% of our stores, and will be in 35% of the stores by the end of the fiscal year. And then with the success of cold beverages and in particular, Cold Brew, we've developed a proprietary Cold Brew system, brewing system, through our Tryer Center that's currently in 2,000 U.S. stores and we'll have it in 75% of our stores by the end of the year. It makes brewing the product more efficient. It is also a more efficient use of partner time, and it fits within the back of the house.

現在，除了正在進行的運營以及我們的商店和合作夥伴的運營方式外，我們還進行了設備創新投資，這正在推動吞吐量和效率。 2 台濃縮咖啡機的壓力。這是我們正在進行的一項重大投資。我們在 70% 的美國公司經營的商店中部署了它。我們將在 22 財年完成推出。我們推出了一款新的加熱烤箱，即 Merrychef 加熱烤箱，這是對我們現有烤箱的升級。目前，我們 20% 的門店都採用這種方式，到本財年結束時，這一比例將達到 35%。然後隨著冷飲的成功，特別是 Cold Brew，我們通過我們的 Tryer Center 開發了專有的 Cold Brew 系統，釀造系統，目前在美國 2,000 家商店中，我們將在 75% 的商店中使用它到今年年底。它使釀造產品更有效率。這也是對合作夥伴時間的更有效利用，而且它適合在房子的後面。

The other big thing that we're rolling out, which I'm excited about and our supply chain team has worked with the operations team on, is automated inventory ordering. And this is a system that we have been testing. We just recently expanded the test. We're now rolling it out to 1,500 stores this past week. It basically removes the inventory task from our store partners and allows them to focus on their customers and the customer experience. And we expect that this will be fully rolled out in all company-operated stores for food and merchandise items by the end of the calendar year.

我們正在推出的另一件大事是自動庫存訂購，我對此感到很興奮，我們的供應鏈團隊已經與運營團隊合作。這是我們一直在測試的系統。我們最近剛剛擴大了測試範圍。上週，我們將其推廣到 1,500 家商店。它基本上消除了我們商店合作夥伴的庫存任務，讓他們能夠專注於他們的客戶和客戶體驗。我們預計，到日曆年年底，這將在所有公司經營的食品和商品商店全面推出。

And then just one other thing that you asked about drive-thru. We're doing a lot of work on drive-thru and revolutionizing the drive-thru experience. So really focusing on decreasing the out-the-window times for the drive-thru experience. We've introduced new equipment and technology with handheld order points to target to improve the speed of service. We've also introduced tech improvements to make the orders more easily managed through consolidation and handoff. And we're going through and renovating about 150 constrained drive-thru stores to design a new engine, removing pastry cases or repositioning it, and really dedicating a POS system to that drive-thru location. And then we're not stopping there. We're continuing to innovate about what is the next evolution of the drive-thru store for our customers. So a lot of great work by the teams broadly across operations, store development, supply chain and the technology team. So hats off to all of them.

然後你問的另一件事是關於得來速。我們正在做很多關於得來速的工作，並徹底改變得來速體驗。因此，真正專注於減少得來速體驗的窗外時間。我們引入了帶有手持訂購點的新設備和技術，以提高服務速度。我們還引入了技術改進，以便通過整合和交接更輕鬆地管理訂單。我們正在檢查和翻新大約 150 家受限的得來速商店，以設計一個新引擎，移除糕點盒或重新定位，並真正將 POS 系統專用於該得來速地點。然後我們不會就此止步。我們將繼續創新，為我們的客戶打造得來速商店的下一個發展方向。因此，這些團隊在運營、商店開發、供應鍊和技術團隊方面做了很多出色的工作。所以向他們所有人致敬。

The last question comes from David Palmer with Evercore ISI.

最後一個問題來自 Evercore ISI 的 David Palmer。

Just a follow-up to John Culver's earlier comment. He mentioned the urban areas getting going potentially with the dynamics around traffic in checkout. I'm wondering, as you think about going back to school and people perhaps going back to work this fall, is that in any way tied to what Rachel's comment was about the 2-year trend perhaps improving by 1 to 3 points in -- as contemplated in the guidance?

只是對 John Culver 先前評論的跟進。他提到城市地區可能會隨著結賬時交通的動態變化而發展。我想知道，當你考慮重返學校和人們可能在今年秋天重返工作崗位時，這是否與雷切爾關於 2 年趨勢的評論可能在 -正如指南中所設想的那樣？

And then sort of relatedly, looking back at this last quarter, anytime you've done in the past, the type of performance you've done in cold beverage and Rewards user growth, I would expect a sequential acceleration. In March, you were doing 11% 2-year, and it was remarkably similar this quarter. Any insights about factors you saw that might have been headwinds that could help us think about how you're going to be doing after this quarter?

然後與此相關，回顧上個季度，無論你過去做過什麼，你在冷飲和獎勵用戶增長方面所做的表現類型，我預計會出現連續加速。 3 月份，你的 2 年期收益率為 11%，與本季度非常相似。關於您看到的可能不利因素的任何見解，可以幫助我們思考您在本季度後的表現如何？

Rachel, do you want to take the question on the trend David asked?

雷切爾，你想回答大衛問的趨勢問題嗎？

Sure. David, just to clarify, we delivered a double -- we delivered a 10% 2-year comp in the U.S. business, our largest market this quarter. That's -- we're incredibly proud of that performance. And even with that, we're guiding now to our 2-year comp from Q3 to Q4, showing sequential improvement. So we're showing that we're expecting -- we're implying that we'll have improvement above the 10%, and we've given a range of about 11% to 13% on a 2-year basis. So that certainly reflects the momentum we've seen in the business and the momentum we're expecting as we see more customers returning to the stores. As I mentioned, we had a very similar customer count, overall count in terms of this quarter versus pre-pandemic. But our opportunity really continues to be -- we certainly have the ability to bring more customers in, but our opportunity is the frequency of those customers. We ended the quarter at about 90% of where we've been from a transaction standpoint prior to the pandemic, so in FY '19 levels, and that's really our opportunity. And we reflected that in the guidance we've given, but I'll give it to John to add some further commentary on that.

當然。大衛，澄清一下，我們實現了雙倍增長——我們在本季度最大的市場美國業務實現了 10% 的 2 年期補償。那就是 - 我們為這種表現感到無比自豪。即便如此，我們現在正在指導我們從第三季度到第四季度的 2 年比較，顯示連續改進。所以我們展示了我們的預期——我們暗示我們將有超過 10% 的改善，並且我們在 2 年的基礎上給出了大約 11% 到 13% 的範圍。因此，這肯定反映了我們在業務中看到的勢頭，以及我們看到更多顧客返回商店時所期待的勢頭。正如我所提到的，我們的客戶數量非常相似，本季度的總體數量與大流行前相比。但我們的機會真的還在繼續——我們當然有能力吸引更多的客戶，但我們的機會是這些客戶的頻率。從大流行之前的交易角度來看，我們在本季度末的水平約為 90%，因此處於 19 財年的水平，這確實是我們的機會。我們在給出的指導中反映了這一點，但我會把它交給 John 來添加一些進一步的評論。

Yes. I think that we're very optimistic in terms of, number one, customers returning to our stores and in our stores being ready with relevant innovation that resonates very strongly with our customers. And nowhere are we seeing that more than with cold and cold beverages. As we shared, record 74% of beverage sales in Q3, that's 13 percentage points higher than what it was in the previous quarter.

是的。我認為我們非常樂觀，第一，客戶返回我們的商店，我們的商店準備好與我們的客戶產生強烈共鳴的相關創新。我們在冷飲和冷飲方面最能看到這一點。正如我們分享的那樣，第三季度飲料銷售額達到 74%，比上一季度高出 13 個百分點。

And it's important to note, and Rachel mentioned this, but I just want to emphasize, cold beverages are generally ticket and margin accretive. So how do we classify cold beverages? It's Cold Brew, it's Nitro Cold Brew, it's Iced Shaken Espressos and it's refreshers. And then you couple those products with the ability to customize and personalize to the customers' desires. We've got a wide range of beverage options for customers that are both hot as well as cold. And we're seeing meaningful growth in the customization of our beverages in the modifiers that people are adding to their products, such as espresso shots, cold foam, alternate dairy and really driving awareness of the -- of these personalized offerings and our customers are resonating with that. So we're very encouraged by what we're seeing. We're very optimistic but we realize also at the same time that we've got to earn our customers' trust, loyalty and respect each and every day, and our partners are doing yeoman's work in terms of creating that great experience that customers have come to expect. So congratulations to that.

值得注意的是，Rachel 提到了這一點，但我只想強調，冷飲通常會增加門票和利潤。那麼我們如何對冷飲進行分類呢？它是 Cold Brew、Nitro Cold Brew、Iced Shaken Espressos 和提神飲品。然後，您將這些產品與根據客戶需求進行定制和個性化的能力相結合。我們為顧客提供範圍廣泛的飲品選擇，既有熱飲也有冷飲。我們看到我們的飲料定制在人們添加到他們的產品中的改性劑方面取得了有意義的增長，例如濃縮咖啡、冷泡沫、替代乳製品，並真正提高了對這些個性化產品和我們客戶的認識。與之產生共鳴。因此，我們對所看到的感到非常鼓舞。我們非常樂觀，但同時我們也意識到，我們每天都必須贏得客戶的信任、忠誠和尊重，我們的合作夥伴正在為創造客戶所擁有的卓越體驗而努力來期待。祝賀你。

That's right. And that's why I would add that the investments we continue to make are critical. They're critical for our growth, and they're critical for us to be able to continue to make it easier for our partners to serve our customers as well as making it better for our partners overall.

這是正確的。這就是為什麼我要補充說，我們繼續進行的投資至關重要。它們對我們的發展至關重要，它們對我們能夠繼續讓我們的合作夥伴更輕鬆地為我們的客戶提供服務以及讓我們的合作夥伴整體更好。

I will now turn the call over to Kevin Johnson for closing remarks.

我現在將把電話轉給凱文約翰遜作結束語。

Well, I thank you all for joining us today. I think this quarter amplifies the fact that Starbucks is on the front foot, and we are optimistic about the future. I think we're operating in a large and growing addressable market for coffee. And within that market is a shift to premium arabica coffee. And you combine that with the strength of the Starbucks brand, I think that creates the trifecta for a multiyear tailwind, and this is just the beginning. So thank you for joining us today.

好吧，我感謝大家今天加入我們。我認為本季度放大了星巴克處於領先地位的事實，我們對未來持樂觀態度。我認為我們在一個龐大且不斷增長的可尋址咖啡市場中運營。在這個市場中，人們正在轉向優質阿拉比卡咖啡。你將其與星巴克品牌的實力相結合，我認為這為多年順風創造了三重奏，而這僅僅是個開始。感謝您今天加入我們。

This concludes Starbucks Coffee Company's Third Quarter Fiscal Year 2021 Conference Call. You may now disconnect.

星巴克咖啡公司 2021 財年第三季度電話會議到此結束。您現在可以斷開連接。